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Predictive Analytics

LTI’s Periscope (Retail Analytics) is a predictive data mining accelerator, which caters to the Retail industry. Periscope addresses various facets viz. sales profile and customer churn, by mapping regression model to the dashboard, thus better understanding their shoppers.

Retailers generate a lot of transaction data every day. e.g. every time, a customer heads to a grocery store and fills up his / her cart, the cashier scans the items, then hands over a coupon for $1.00 off on his / her favorite brand of ice-cream. With hundreds of grocery items on the shelves, how does the retailer know what he / she is most likely to buy?

Predicting Product Demand
In such a situation, Periscope helps retailer identify the missing items from the customer’s cart for that week, and provides a discount on those items during the next purchase. With use of Periscope and the data from loyalty card, retailers can churn out terabytes of historical purchases data in real-time, and get valuable insights. The computer matches customers’ past purchase history to the ongoing promotions in the store, and provides a suitable output that can help retailer provide the right mix of offerings to them.

Addressing Markdown Optimization
Markdown optimization provides retailers with the ability to determine which items should be marked down; by how much should they be marked down; and when and in which markets, stores or store clusters should it be done. Fashion, Specialty and Hard Goods Retailers can base this analysis on critical factors such as inventory levels, base sales volume, price elasticity and local demand or preferences. With Periscope, retailers can develop and implement optimum pricing strategies at the local market level to maximize revenues and profitability, while at the same time meeting their end-of-season inventory goals.

Periscope: Competitive Advantage
The opportunity to achieve competitive advantage from LTI’s Periscope solution is enormous. Some major advantages are:

  • External Factors-based Prediction: Retail analytics use external factors to optimize the prediction outcome.
  • Analyzing Buying Behavior: Develop close relationships with customers based on the understanding of their behaviors and needs.
  • Customized Promotions: Deliver targeted advertising, promotions and product offers to customers, which will motivate them to buy.
  • Inventory as per Use: Balance inventory with demand, and ensure that you are never out of stock or carrying excess inventory.
  • Customer-driven Pricing: Charge a price that customers are willing to pay.

Addressing Customer Churn
“I know that 12% of my customers are going to churn. I just don’t know which 12%!” Is this your problem too?
Customer churn is one of the major challenges the retail industry is facing today. As the customer churn rate is highly unpredictable, reducing it is becoming a challenge. Periscope empowers executives to develop rapid insights into what the drivers of churn are, and can thus provide game-changing information. Periscope provides insights into the customer profiles that are at the risk of churning the most, and helps invest in special efforts to retain them.

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Highlights

Customized Prediction, using Integrated R- Analytics, which brings you the power of over 3000 proven algorithms.
Prediction Optimization,using Neural Networks and Stochastic Approaches.
To achieve higher accuracy, external attributes like Footfall and Promotion space allocation are infused, which act as catalysts to improve the quality of prediction.
Various regression models such as linear, exponential & multivariate regression, and advanced time series techniques.

Benefits

Predict Churn Rate.
Predict Demand – slow vs. fast-moving items.
Do an Impact Analysis of Price Adjustment / Discounts – using “What If” scenarios.
Determine Markdowns – right product, right depth and right time.